ADA Token Surges 5.5% as Soft Staking Spurs Accumulation and On-Chain Activity Hits Milestone

Cardano (ADAUSDT) has experienced a notable price increase of 5.50% over the last 24 hours, with the current price at 0.6177 USDT on Binance, up from a 24h open of 0.5855. This upward movement is attributed to several factors: Binance’s recent introduction of Soft Staking for ADA has likely encouraged accumulation, as large holders are withdrawing ADA from exchanges to take advantage of daily staking rewards. On-chain data supports this trend, showing increased accumulation and net outflows from exchanges. Additionally, Cardano’s ongoing network development activity and recent milestones, such as surpassing 111 million transactions, have contributed to positive sentiment. Despite broader market uncertainty and consolidation in recent weeks, the combination of staking incentives, accumulation by large holders, and steady network activity has supported ADA’s recent price appreciation.

Currently, ADA maintains a strong market position with a circulating supply of approximately 35.39 billion coins, a market capitalization above $20 billion, and a 24-hour trading volume reported between $545.86 million and $600.35 million, reflecting healthy liquidity and investor interest during this period of consolidation.